SPX wraps tender offer for 7 5/8% notes due 2014, calls remainder

By Toni Weeks

San Luis Obispo, Calif., Feb. 6 - SPX Corp. said it received another $10,000 principal amount of 7 5/8% senior notes due 2014 after the consent deadline for its consent solicitation and tender offer, bringing the total amount tendered to $340.27 million.

The company took in tenders and consents for $340.26 million of its $500 million principal amount of notes by the consent deadline, 5 p.m. ET on Jan. 22, which was enough to amend the notes to eliminate substantially all of the restrictive covenants and events of default and to reduce the minimum redemption notice period to three business days from 30 days.

The tender offer expired at 11:59 p.m. on Feb. 5.

As previously reported, the total purchase price was $1,062.28 for each $1,000 principal amount of notes tendered by the consent date. The total amount included a consent payment of $20.00 per $1,000 of notes.

Holders who tendered after the consent payment deadline received $1,042.28 per $1,000 of notes.

The company also paid accrued interest up to but excluding the applicable settlement date, which was Jan. 23 for the early tendered notes and Feb. 6 for notes tendered after the consent date.

SPX also announced it has issued a call to redeem the remaining $159.73 million of the notes. The redemption date will be Feb. 11.

The tender offer and consent solicitation were conditioned upon execution of the supplemental indenture implementing the proposed amendments, which has been satisfied.

J.P. Morgan Securities LLC (212 270-1200 collect or 800 245-8812) was the dealer manager and solicitation agent. D.F. King & Co., Inc. (212 269-5550 banks and brokers, 800 488-8075 or SPX@dfking.com) was the information agent and tender agent.

SPX is a Charlotte, N.C.-based provider of flow technology, test and measurement, thermal equipment and services and industrial products and services. It launched the offer on Jan. 8.

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